Wgu Mba Program C213 Accounting Questions And Answers Graded A+

Income statement items that do not relate to a company's continuing operations {Ans: income from discontinued operations and extraordinary items.}Revenue should be recognized when {Ans: value has been delivered to customers which is typically only after the required work has been performed and after the collection of cash is reasonably assured.}Three primary financial statements in financial accounting {Ans: 1) The Balance Sheet 2) The Income Statement 3) The Statement of Cash Flows}Income Statement {Ans: A financial statement showing the revenue and expenses for a fiscal period. A company's expenses are subtracted from its revenues in computing net income.}Income from continuing operations {Ans: operating income minus interest expense, minus income tax expense, and plus or minus other miscellaneous revenue and expense items, and gains and losses from peripheral transactions and events}regognition {Ans: Recognition is the process of condensing all estimates and judgments into one number and reporting that one number in the formal financial statements}